On September 12, Sunland Company agreed to an exchange of assets with another company. Sunland gave up a machine with an original cost of $50,000. $30,500 in accumulated depreciation had been recorded on this machine over the course of Sunland's ownership. Sunland determined that the machine being given up had a fair value of $18,000. Sunland also paid $7,000 in cash. Assume that Sunland follows IFRS and that the transaction has commercial substance. Prepare the journal entry to record the asset exchange on Sunland's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Sept. 12 Debit Credit